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Facing Foreclosure? Find Out How You May Be Able to Keep Your Home

Facing the thought of having to lose your home, the place that you’ve raised your children and found peace day after day for years, is an incredibly difficult thing to do. Whether you’ve lived there for many years or it’s more of a recent purchases, financial difficulties often impact home ownership. When you can’t pay the mortgage, the bank will begin talking about foreclosure.

Bankruptcy is one route to take to get your financial house in order, but it may not help you in keeping your actual house – unless you ask the right questions and make the best decisions in terms of which bankruptcy protection is best for you.

When Is Chapter 13 The Best Option?

If you have fallen behind on your mortgage payments, filing a Chapter 13 bankruptcy may be your best option in terms of keeping your home. Chapter 13, if you qualify for it, will keep lenders from filing a foreclosure on your home. It will also allow you to work out a payment plan to repay creditors and allow you to keep your assets like real estate and cars. Chapter 13 also is good for individuals who have a junior lien or who have nonexempt equity. For many people, filing Chapter 13 may take longer, but it will allow you to keep what you hold dear.

Generally speaking, most people do better with Chapter 13 bankruptcy if they are able to file for it. This is especially true if keeping one’s home is important to them. However, not everyone qualifies for Chapter 13 bankruptcy.

When Is Chapter 7 The Best Option?

If you want to keep your home, filing Chapter 7 bankruptcy is generally not a good idea. However, there are some common exceptions to this rule. If you are on time with your mortgage, don’t need to get rid of a junior lien, and don’t have nonexempt equity, a Chapter 7 bankruptcy can be a quick and easy way out.

Chapter 7 does get rid of personal liability on a mortgage, but if you fall behind on payments, foreclosure is a real possibility. Chapter 7 bankruptcy may temporarily delay foreclosure, but it’s not a long-term solution.

Talk with a qualified bankruptcy lawyer to find out which bankruptcy option is in your family’s best interests. Call the Law Office of Joel R. Spivack for sound legal advice and skilled representation during your bankruptcy proceeding.

Client Testimonials

“Mr. Spivack was very helpful in our legal dealings. He would always available and knowledgeable on the subject. He kept the focus on the law and what was required. Mr. Spivack had my family’s best interest as the first priority. Explained every step the procedure and what would be expected. In our hearing, Mr. Spivack...”
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Steve /
Bankruptcy

“Mr. Spivack represented me during my bankruptcy. He provided guidance and support at a very dire time in my life. With Mr. Spivack I did not have to worry about anything but providing him with my information. He walked me through the whole thing, put me at ease and treated me with such dignity at...”
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Jennifer /
Bankruptcy

“Joel was very thorough and made sure we knew what was going on at all times. I felt very comfortable with him handling our financial matter and that he did his best when working our case.”
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Jessica

“My wife and I highly recommend Joel for any bankruptcy case! He is highly knowledgeable and very easy to work with. He and his office are very responsive to any and all questions we had. He responds promptly to all inquiries, even after hours and on weekends on most occasions! There was never a feeling...”
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Michael and Robin /
Bankruptcy

“I was first introduced to Mr. Spivack several years ago when clients of mine filed for personal bankruptcy. Since then I have also experienced first-hand his work ethic, knowledge, timely response & attention to detail with regards to residential real estate transactions. I highly recommend Mr. Spivack & look forward to working with him again!”
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Lisa /
Real Estate

“Joel was so very patient with me during a hard time in my life of losing my husband and then I got ill, he is a world class lawyer who takes the time to know and understand his clients. Thank you so much”
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Berenice /
Bankruptcy

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THE LAW OFFICE OF JOEL R. SPIVACK

The Law Office of Joel R. Spivack in Cherry Hill, New Jersey, provides comprehensive bankruptcy law services to clients throughout the Delaware Valley, including South Jersey and the Philadelphia area, including the communities of Cherry Hill, Trenton, Camden, Burlington, Bordentown, Pennsauken, Collingswood, Marlton, Mt. Laurel, Mt. Holly, Woodbury, Philadelphia and other communities in Burlington County, Mercer County, Camden County, Gloucester County, Somerset County, Salem County, Atlantic County, Cumberland County and Cape May County.